When it comes to innovation within the workplace, businesses will often hire people specifically for the purpose of looking ahead and seeing what opportunities can be taken for the business in the future. There has been a shift within start-ups in recent years that presents that employees are constantly being encouraged to pursue innovative programs with their role - promoting 'intrapreneurship' in businesses.
There are some important reasons to encourage intrapreneurship:
Building Team Morale
When a business encourages intrapreneurship, there is a tendency for team members to provide their own ideas in an environment where most people are happy to share. This creates an atmosphere that is both accepting, and able to transfix team morale in future periods.
Along with team morale comes the effects of working together. If a team already works together, chances are that there are already professional relationships, and building team morale through intrapreneurship will boost the team's work ethic in other situations.
Maintaining team morale is also extremely important in the business environment. There are numerous frameworks that align team morale with successful business planning, and if completed effectively; team morale through intrapreneurial activities will boost the team's ability to work effectively in the future.
When businesses look for innovative ideas, one of the initial things that they do is conduct R&D through external searches. Alternatively, business owners make the common mistake of missing the golden opportunities with their team members.
Promoting the entrepreneur in all employees creates some extremely optimistic idea booms that may increase your business dramatically. There are an assortment of activities that could be done with the team members to create innovative ideas, but a simple activity is conducting a survey each week asking about any ideas that may improve the business. Another more fluent way is to conduct team round-table meetings that promote contributing ideas.
As managers, it is important to create a level of responsiveness within the team, also generating new and improved ways to run the business.
Small businesses almost always look over 'creating innovative ideas' because they are so caught up with the day-to-day running of the business, that innovation seems like another issue. There has to be an agenda for contribution, the sharing of ideas and suggestions about how the business may become innovative within the future.
There has to be an incentive if you are trying to promote intrapreneurship. Chances are, that the investment into internal entrepreneurial activities will produce an ROI greater than the cost of promoting it in the first place. Too many businesses treat intrapreneurship as a cost, rather than an investment. Although the business may want to stay up to date, if it is not willing to innovate through intrapreneurship, then it will have difficulties attracting an innovative market.
Think about the latest mobile phone that came out.
What if that phone had a cord and you had to dial each number by pushing a button.
The truth is that a lack of intrapreneurship can absolutely destroy your business - both in sales and internal drive - and employees expect to work for a business that is innovative, remains up-to-date, and also provides a return on the work that they do. It is essential that the business continued to promote intrapreneurship at all times.